You're right regarding EV. I calculated it based on a net financial debt of 26 m$ (just looking at the cash and the financial debt in their B/S). Later on, I realised that, doing this, I probably did not include the cash they got from the CDD. If this cash is included in the "other financial assets" (probably the case), their have a net cash position of 10 m$ and the EV must be 177 m$.
I am not sure I agree with the way they calculate their net cash position of 37.6 m$ as it excludes the CDD, while CDD is a debt for now. If we calculate net cash like them, we need also to deduct the minority interests from the results, to compare EV and other metrics, like EBITDA or free cash flow. As the conversion of CDD will increase the minority interests.
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